"They take a 13 percent commission on every order placed through their platform, and given that they generated over $1.3 billion in gross food sales last year, that really adds up," Cramer said. "It's just a terrific concept."

Foodcollection | Getty Images

However, just because a company has a great concept, doesn't mean shares won't fall. That's just what happened here.

"If you were able to get in on the IPO back in early April, the stock gave you a quick 40 percent gain the moment it started trading," Cramer said. "But, like so many other IPOs, it's declined since coming public. Currently, GrubHub is down 22 percent from the highs of $40 where it opened on its first day of trading, and down nearly 9 percent from where it closed that day, at $34."

And even with the decline, shares continue to command a significant multiple. "It's trading at 72 times next year's earnings estimates and 8.7 times next year's sales," Cramer said.

That's a significant multiple and lately the market has not embraced stocks that trade at significant multiples.

Nonetheless, looking at future potential, there appears to be every reason for optimism.

"GrubHub is putting up strong results. When the company reported a couple of weeks ago, it posted a 5-cent earnings beat off of a 3-cent basis and delivered 50 percent revenue growth, substantially higher than expected, not to mention a 188 percent increase in earnings before interest, taxes, depreciation and amortization," Cramer said.

In situations such as these, Jim Cramer often recommends keeping an eye on the stock and watching for strategic points of entry in the future. "The younger demographic loves this company," he said. "And GrubHub has a compelling story."

Eventually, Cramer says, the market will likley respond to these catalysts. But probably not right away; not until high multiple growth stocks come back into favor.